Friday, January 30, 2009

Crisis a mere ‘bump in the road’ for Aboitiz group’s realty arm

CEBU CITY — Aboitizland, Inc. will pursue its projects this year despite the slowing global economy, and has in fact started planning for the years beyond 2009.

Aboitizland President Andoni F. Aboitiz said they would not stop development activities since it takes two to three years to develop a project.

"We hope that 2009 will just be a bump in the road. We will continue planning and developing [land]," Mr. Aboitiz said.

He said there was still a lot of interest in real estate projects "although people are being cautious."

The real estate arm of the Aboitiz group is building a five-storey building for business process outsourcing (BPO) companies.

The iMEZ, located inside the Mactan Economic Zone 2, is estimated to cost P160 million and targeted to be completed this March.

Mr. Aboitiz said they were not talking with any prospective locators yet since they would rather complete the building first.

About 5,000 square meters of the building may be leased. Its ground floor will be rented out to retail shops and dining outlets that will complement retail establishments in the area.

"We’re trying to attract the real BPOs. We have a lot of confidence in the viability of BPOs in the long term," Mr. Aboitiz said.

Since the structure is within the Mactan economic zone, locators will automatically enjoy tax incentives, he pointed out.

The Mactan Economic Zone 2 is a 63-hectare area developed and operated by Aboitizland under the build-operate-transfer scheme for landowner Mactan Cebu International Airport Authority. It has 48 locators that employ about 18,000 workers.

The realty firm is also developing the first urban village in Cebu, dubbed The Persimmon.

The first residential tower, called the West Tower, has been presold.

A second residential building, called the North Tower, will also be built.

A low-rise commercial and entertainment strip is targeted for turnover to tenants this September.

The building will host restaurants, bistros and cafés, among others.

The project is expected to be completed by the third quarter of 2010.

Aboitizland also co-owns with Tsuneishi Holdings, Inc. the Cebu Industrial Park Developers, Inc., which developed and operates the West Cebu Industrial Park in Balamban town in western Cebu. — Marites S. Villamor

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